- Webpages
- Documents
- HDFC Life ClassicAssure PlusInvestment
- HDFC Life ClassicAssure PlusInvestment
- HDFC Life ClassicAssure PlusInvestment
For NRI Customers
(To Buy a Policy)
-
Call (All Days, Local charges apply)
-
Email ID
-
Whatsapp
(If you're our existing customer)
-
Call (Mon-Sat, 10am-9pm IST, Local Charges Apply)
-
Email ID
For Online Policy Purchase
(New and Ongoing Applications)
-
Call (All Days & Toll free)
-
Schedule a call
-
Whatsapp
-
Give missed call to buy a policy
-
Email
Branch Locator
-
Locate a branch
For Existing Customers
(Issued Policy)
-
Whatsapp
-
Call (Mon to Sat, from 10 am to 7 pm, Call charges apply)
-
Email
Fund Performance Check
-
Call (Missed Call)
What do you want to do?
How to calculate income tax in India

Table of Content
1. There are three categories of individual taxpayers:
2. Income Tax Slab and Rates for Financial Year 2018-19 are as mentioned below:
3. The detailed slab for people under the age of 60 is as follows:
4. For persons above the age of 60, the slab is as follows:
5. For persons above the age of 80 (i.e. super senior citizens), the slab is as follows:
In order to calculate the exact amount of income tax that you must pay, note down your exact taxable income. The final payable tax is calculated by applying the tax rates and then deducting the amount that has already been paid through TDS (Tax Deducted at Source) and other forms of advance tax. Use tax saving calculator, if you want to know the amount you may save form tax.
In India, income tax is levied on individual taxpayers on the basis of a slab system. These tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab. The tax slabs tend to undergo a change during every budget. Further, since the budget of 2018 has not announced any changes in income tax slabs this time, it remains the same as that of last year.
There are three categories of individual taxpayers:
- Individuals (below the age of 60 years) which includes residents as well as non-residents
- Resident Senior citizens (60 years and above but below 80 years of age)
- Resident Super senior citizens (above 80 years of age)
Income Tax Slab and Rates for Financial Year 2018-19 are as mentioned below:
- No tax for individuals with income less than ₹ 2,50,000
- 0%-5% tax with income ₹ 2.5 lacs to 5 lacs for different age groups
- 20% tax with income ₹ 5 lacs to 10 lacs
- Investments up to ₹ 1.5 lacs under Section 80C can save ₹ 45,000 in taxes.
The detailed slab for people under the age of 60 is as follows:
Income Tax Slabs |
Tax Rate |
Health and Education Cess |
---|---|---|
Income up to Rs 2,50,000* |
No tax |
|
Income from Rs 2,50,000 - Rs 5,00,000 |
5% |
4% of Income Tax |
Income from Rs 5,00,000 - Rs 10,00,000 |
20% |
4% of Income Tax |
Income more than Rs 10,00,000 |
30% |
4% of Income Tax |
For persons above the age of 60, the slab is as follows:
Income Tax Slabs |
Tax Rate |
Health and Education Cess |
Income up to Rs 3,00,000* |
No tax |
|
Income from Rs 3,00,000 - Rs 5,00,000 |
5% |
4% of Income Tax |
Income from Rs 5,00,000 - 10,00,000 |
20% |
4% of Income Tax |
Income more than Rs 10,00,000 |
30% |
4% of Income Tax |
For persons above the age of 80 (i.e. super senior citizens), the slab is as follows:
Income Tax Slabs |
Tax Rate |
Health and Education Cess |
Income up to Rs 5,00,000* |
No tax |
|
Income from Rs 5,00,000 - 10,00,000 |
20% |
4% of Income Tax |
Income more than Rs 10,00,000 |
30% |
4% of Income Tax |
HDFC Life offers several saving and investment plans that allow you to maintain security of the finances and offer market-linked returns and capital benefits. For details, click on the mentioned link: https://www.hdfclife.com/savings-plans
Related Articles :
Tax Articles
Subscribe to get the latest articles directly in your inbox
Life & Term Articles
Investment Articles
Calculators
जानिए हिंदी में
Here's all you should know about life insurance.
We help you to make informed insurance decisions for a lifetime.

Popular Searches
- term insurance plan
- savings plan
- ulip plan
- retirement plans
- health plans
- child insurance plans
- group insurance plans
- long term savings plan
- fixed maturity plan
- monthly income advantage plan
- income tax calculator
- pension calculator
- bmi calculator
- compound interest calculator
- term insurance calculator
- income tax
- tax saving investment options
- best investment plans
- benefits of term insurance calculator
- what is term insurance
- why to invest in life insurance
- tax planning for salaried employees
- how to choose best child insurance plan
- tips for buying retirement plan
- 1 crore term insurance
- importance of saving
- short term saving plans
- types of investment in india
- investment declaration
- Life Insurance
- Union Budget 2023
- New Income Tax Slab 2023-24
- HRA Calculator
- Term Insurance